Recorde Asset Management and the Forestay Group have acquired a building in Budapest’s Gellert Hill area.
Recorde Asset Management is an alternative fund management company. Forestay Group operates in investment management and property development. The building they acquired, after renovations, will become the Moricz Student Living student residence and office building. According to the Taylor Wessing law firm, which advised Recorde and Forestay on the acquisition, “the 15,440-square-meter building is undergoing partial internal renovation supervised by Forestay. It will include 72 double rooms for long-term stays and traditional short-term rentals. The dormitory will include study and relaxation areas and a laundry room. Existing offices, meeting rooms, auditoriums, and catering facilities will be retained, and 48 underground parking spaces will be available, and will be managed by Forestay Group.”
Taylor Wessing, working with Kalman & Partners, also advised Recorde and Forestay on the acquisition financing obtained from Hypo Bank Noe.